Serious about starting or growing a business?

Serious about starting or growing a business?

Lessons from successful business owners

To start and grow a business is one of the

most exciting, challenging and

interesting things you can do in your life

But where does the best advice come from when you are starting a business or in the next growth phase?

Q

But where does the best advice come from when you are starting a business or in the next growth phase?

QThe successful business owners who have been there and done it.

A

We have interviewed business owners of all

shapes and sizes, from all sorts of industries

The wisdom they share are the lessons that need

to be learnt

There are 6 key lessons to start or

grow a business

Find a market niche for your product or service

1

Find a market niche . . . 1

Find a market niche . . . 1

Have an idea/vision of what you want your business to become before you begin

Find a market niche . . . 1

Have an idea/vision of what you want your business to become before you begin

No matter what the industry, business is tough and highly competitive

Find a market niche . . . 1

Have an idea/vision of what you want your business to become before you begin

No matter what the industry, business is tough and highly competitive

To be successful, find a unique product or service in market areas where there is a problem to solve

. . . and do your planning1

To start . . .

Measure twice and cut once

. . . and do your planning1

To start . . .

Measure twice and cut once

Do your homework and do your research

. . . and do your planning1

To start . . .

Measure twice and cut once

Do your homework and do your research

Invest the time and effort in the planning

. . . and do your planning1As you grow . . .

You often hear people say hope is not a plan, and that is very true

. . . and do your planning1As you grow . . .

You often hear people say hope is not a plan, and that is very true

Set a goal and plan a path that will enable you to execute that goal

. . . and do your planning1As you grow . . .

You often hear people say hope is not a plan, and that is very true

Set a goal and plan a path that will enable you to execute that goal

Make sure the path includes milestones along the way, so you can identify the progress you are making

Believe in yourself and then back yourself

2

Believe in yourself and then back yourself

2

Believe in yourself and then back yourself

2

You don’t need to be afraid to take the risk if you know you have done your homework

Believe in yourself and then back yourself

2

You don’t need to be afraid to take the risk if you know you have done your homework

Once you have found the opportunity, trust your instinct, back your skills and area of expertise

Believe in yourself and then back yourself

2

You don’t need to be afraid to take the risk if you know you have done your homework

Once you have found the opportunity, trust your instinct, back your skills and area of expertise

Believing in yourself and telling the story of the reason for your business is an incredibly rewarding experience

Remember . . .

Believe in yourself and then back yourself

2

To use your skills in an area you know very well

Believe in yourself and then back yourself

2

To use your skills in an area you know very well

Don’t follow the herd into areas just because you have seen others succeed in it

Be prepared to work harder than you thought imaginable

3

Be prepared to work harder than you thought imaginable3

Be prepared to work harder than you thought imaginable3

There is no substitute for good old fashion hard work

PERSIST, PERSIST, PERSIST

Be prepared to work harder than you thought imaginable3

Owning your own business is wonderful but it isn’t easy

Be prepared to work harder than you thought imaginable3

Owning your own business is wonderful but it isn’t easy

Be prepared to work harder than you ever knew was possible, and expect that you will never truly be ‘off-duty’ again

Be prepared to work harder than you thought imaginable3

Inevitably things will get hard, but the fact that you are prepared to put yourself out there and do the work is a competitive advantage and you need to focus on that when things are tough

Be prepared to work harder than you thought imaginable3

Inevitably things will get hard, but the fact that you are prepared to put yourself out there and do the work is a competitive advantage and you need to focus on that when things are tough

Owning a business is not a glamorous reality and much of the things you will achieve will come down to the hard work you do

Be passionate about what you do

4

Be passionate about what you do4

Be passionate about what you do4

You have to choose something you are passionate about

Be passionate about what you do4

You have to choose something you are passionate about

When things get tough that passion will help to keep you focused and see those obstacles as small speed bumps along the way

Be passionate about what you do4

You have to choose something you are passionate about

When things get tough that passion will help to keep you focused and see those obstacles as small speed bumps along the way

Your clients and staff will also feel your passion and it will resonate through the business

Be passionate about what you do4

The one thing that never changes for successful business owners is the passion and enthusiasm for what they do

Be passionate about what you do4

The one thing that never changes for successful business owners is the passion and enthusiasm for what they do

Owning and running a business consumes so much time, effort, energy (and money) that if you can’t get excited about it then it’s going to be really hard to keep getting out of bed and continuing when things get tough

Another thing to keep in mind . . .

Be passionate about what you do4

There will be challenges, long hours and hard work but you will go above and beyond if you love what you do

Understand yourself and find the right people

5

Understand yourself and find the right people

5

Understand yourself and find the right people

5

Understanding both yourself and the people you will be working with is critical to a successful business

Understand yourself and find the right people

5

Understanding both yourself and the people you will be working with is critical to a successful business

You can’t do everything yourself, so make sure you find people who complement your skill sets and communicate your vision in a way that sees them buy into it as passionately as you do

Understand yourself and find the right people

5

Respect one another and then for each person in the business clearly define roles, responsibilities and their goals

Understand yourself and find the right people

5

Respect one another and then for each person in the business clearly define roles, responsibilities and their goals

For successful businesses, attracting and retaining the right people is vital

Step outside your comfort zone and learn new skills

6

Step outside your comfort zone and learn new skills6

Step outside your comfort zone and learn new skills6

You will need a love of learning

Step outside your comfort zone and learn new skills6

You will need a love of learning

When you are starting or growing a business, you will have the challenge of wearing multiple hats and learning and executing a diversity of skills

Step outside your comfort zone and learn new skills6

You will need a love of learning

When you are starting or growing a business, you will have the challenge of wearing multiple hats and learning and executing a diversity of skills

For successful business owners, this brings great satisfaction

Step outside your comfort zone and learn new skills6

Be prepared to go to workshops and training sessions to fill your skill gaps

Step outside your comfort zone and learn new skills6

Be prepared to go to workshops and training sessions to fill your skill gaps

Step outside your comfort zone. You will be meeting new people, standing up at network meetings to introduce yourself and taking on roles that you just can’t palm off to anyone else

Importantly…

Enjoy the journey

Enjoy the journey

If you are like most entrepreneurs you will always be looking for the next goal

Enjoy the journey

If you are like most entrepreneurs you will always be looking for the next goal

Business is a journey not a destination

Enjoy the journey

If you are like most entrepreneurs you will always be looking for the next goal

Business is a journey not a destination

Enjoy it and take time to celebrate the milestones along the way

Enjoy the journey

To summarise the 6 lessons . . .

Find a market niche for your product or service

1

Believe in yourself and then back yourself

Be prepared to work harder than you thought imaginable

Be passionate about what you do

Understand yourself and find the right peopleStep outside your comfort zone and learn new skills

2

3

4

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